Odds comparison bookmakers

Compare odds between bookmakers. If one bookmaker offers 1/1 whilst another offers 6/5, it would make little sense to take the less generous price. Perhaps a new betting account may need to be opened to take advantage of the opportunity, but provided the bookmaker’s reputation is sound and the transaction costs, if any, are small, this should not create an unnecessary distraction.

Also consider the betting exchanges such as Betfair, where you can bet against other punters rather than against a traditional bookmaker. Despite commission payable on winnings – usually 5% – the odds available with exchanges are frequently more favourable since there is technically no overround to overcome. Remember, however: do not simply bet because your bookmaker offers the highest price. Make sure the odds contain value.

Odds types for Betting

There are a few different types of presenting the odds for sportsbetting.
Depending on which market the bookmaker targets. Odds are presented by either the American, British or European standard:

American Odds
The American system is different the odds can be positive or negative. The system is based on “evens” (1/1) being expressed as 100.00. If an event is odds on then the figure is preceded by a minus “-” and represents the amount you have to stake in order to win 100 units. If an event has odds greater than evens then it is a positive figure and represents the amount you win for every 100 units staked.

British – Factional Odds
The traditional British way is to describe the odds as a fraction e.g. 6/1 or “Six to One”. When the first figure is higher than the second it is called “odds against”. The amount won will be greater than the original stake. For example if the odds offered were 6/1 then for every £1 staked you would win £6. When the first figure is smaller than the second it is called “odds on” and the amount of winnings will be smaller than the stake. For example if the odds offered were 4/8 then for every £8 staked you would win £4.

European – Decimal Odds
Unlike the British fractions the European system deals in decimals. The figure quoted is the return a punter receives (including the stake) based on a bet of 1 unit. To transfer from British odds to European odds simply divide the first number by the second number and add 1. So odds of 4/1 become 5 (4 ÷ 1 + 1 = 5) and odds of 4/8 become 1.67 (4 ÷ 8 + 1 = 1.50) The betting exchanges all use the European odds system so it is something you are going to have to learn to recognize.

The odds or amounts the bookmaker will pay are determined by the total amount that has been bet on all of the possible events. They reflect the balance of wagers on either side of the event, and include the deduction of a bookmaker’s brokerage fee.